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FORM 10-Q

| (Mark      One)[X]         QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGEACT OF 1934.For the quarterly period ended      June 30, 2008  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [   ] | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE |
|----------------------|----------------------------------------------------------------------------------------|

|   | ACT      OF 1934. |
|--------|-------------------|

| NOT      APPLICABLE(State      or Other Jurisdiction of Incorporationor      Organization) |   | 75-0279735(I.R.S.      EmployerIdentification      No.) |
|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|

| 1700      Pacific Avenue, Suite 1670, Dallas, Texas(Address      of Principal Executive Offices) |   | 75201(Zip      Code) |
|--------------------------------------------------------------------------------------------------|--------|----------------------|

|  Large      Accelerated Filer |  ̈  |  Accelerated      Filer         | T       |
|------------------------------------|--------------|--------------------------------------|--------------|
|                               |         |                                 |         |
|  Non-Accelerated      Filer   |  ̈  |  Smaller      reporting company |  ̈  |

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|                                                                                   |   | June      30, |       |   | December      31, |
|----------------------------------------------------------------------------------------|--------|---------------|------------|--------|-------------------|
| Assets                                                                                 |   | 2008          |       |   | 2007              |
|                                                                                   |   | (Unaudited)   |       |   |              |
|                                                                                   |   |          |       |   |              |
| Cash      and cash equivalents                                                         |   | $             | 9,394,000  |   |              | $ | 10,153,202 |   |   |
| Accrued      receivables                                                               |   |          | 2,398,761  |   |              |   | 1,540,341 |   |   |
| Other      assets                                                                      |   |          | 32,949     |   |              |   | 82,373 |   |   |
| Prepaid      Federal income taxes                                                      |   |          | --         |   |              |   | 62,914 |   |   |
| Notes      receivable for land sales                                                   |   |          | 19,151,281 |   |              |   | 19,625,622 |   |   |
| Water      wells, leasehold improvements, furniture and equipment                      |   |          |       |   |              |   |   |   |   |
| – at cost less accumulated      depreciation                                     |   |          | 113,977    |   |              |   | 108,731 |   |   |
| Real      estate acquired:                                                             |   |          |       |   |              |   |   |   |   |
| (10,793 acres at June 30, 2008      and 10,153 acres at December 31, 2007)             |   |          | 1,161,504  |   |              |   | 1,083,552 |   |   |
| Real      estate and royalty interests assigned through the 1888                       |   |          |       |   |              |   |   |   |   |
| Declaration      of Trust, no value assigned:                                          |   |          |       |   |              |   |   |   |   |
|                                                                                   |   |          |       |   |              |   |   |   |   |
| Land (surface rights) situated      in twenty counties in                              |   |          |       |   |              |   |   |   |   |
| Texas – 952,902 acres in 2008      and 954,660 acres in 2007                     |   |          | –    |   |              |   | – |   |   |
|                                                                                   |   |          |       |   |              |   |   |   |   |
| Town lots in Iatan, Loraine and      Morita – 628 lots in 2008 and 2007          |   |          | –    |   |              |   | – |   |   |
|                                                                                   |   |          |       |   |              |   |   |   |   |
| 1/16 nonparticipating perpetual      royalty interest in 386,988 acres in 2008and 2007 |   |          | –    |   |              |   | – |   |   |
|                                                                                   |   |          |       |   |              |   |   |   |   |
| 1/128 nonparticipating      perpetual royalty interest in 85,414 acres in 2008and 2007 |   |          | –    |   |              |   | – |   |   |
|                                                                                   |   | $             | 32,252,472 |   |              | $ | 32,656,735 |   |   |
|  Liabilities      and Capital                                                |   |          |       |   |              |   |   |   |   |
| Accounts      payable and accrued liabilities                                          |   | $             | 430,425    |   |              | $ | 1,142,444 |   |   |
| Federal      income taxes payable                                                      |   |          | 113,984    |   |              |   | -- |   |   |
| Other      taxes payableUnearned      revenues                                         |   |          | 241,436    |   |              |   | 75,100 |   |   |
|                                                                                   |   | 413,811       |       |   |              | 413,811 |   |   |
| Deferred      taxes                                                                    |   |          | 5,811,507  |   |              |   | 5,964,844 |   |   |
| Pension      plan liability                                                            |   |          | 211,904    |   |              |   | 170,997 |   |   |
| Total    liabilities                                                                   |   |          | 7,223,067  |   |              |   | 7,767,196 |   |   |
|  Capital:                                                                         |   |          |       |   |              |   |   |   |   |
| Certificates of Proprietary      Interest, par value $100                              |   |          |       |   |              |   |   |   |   |
| each; outstanding 0      certificates                                                  |   |          | –    |   |              |   | – |   |   |
| Sub-share Certificates in      Certificates of Proprietary                             |   |          |       |   |              |   |   |   |   |
| Interest, par value $.03 1/3      each; outstanding:                                   |   |          |       |   |              |   |   |   |   |
| 10,392,910 Sub-shares in 2008      and 10,488,375Sub-shares in    2007                 |   |          | –    |   |              |   | – |   |   |
| Accumulated other comprehensive      income (loss)                                     |   |          | (251,100   | )      |              |   | (257,842 | )  |   |
| Net proceeds from all      sources                                                     |   |          | 25,280,505 |   |              |   | 25,147,381 |   |   |
| Total capital                                                                          |   |          | 25,029,405 |   |              |   | 24,889,539 |   |   |
|                                                                                   |   | $             | 32,252,472 |   |              | $ | 32,656,735 |   |   |

|                                                       |   | Three      Months EndedJune      30, |       | Six      Months EndedJune      30, |   |
|------------------------------------------------------------|--------|--------------------------------------|------------|------------------------------------|--------|
|                                                       |   | 2008                                 |       |                               | 2007   |   |   | 2008 |   |   | 2007 |   |
| Income:                                                    |   |                                 |       |                               |   |   |   |   |   |   |   |   |
| Rentals,      royalties and sundry income                  |   | $                                    | 4,811,644  |                               |   | $ | 3,115,140 |   |   | $ | 8,967,543 |   |   | $ | 5,599,407 |   |
| Land      sales                                            |   |                                 | 192,000    |                               |   |   | -- |   |   |   | 639,040 |   |   |   | -- |   |
| Interest      income from notes receivable                 |   |                                 | 349,319    |                               |   |   | 368,747 |   |   |   | 701,318 |   |   |   | 739,546 |   |
|                                                       |   |                                 | 5,352,963  |                               |   |   | 3,483,887 |   |   |   | 10,307,901 |   |   |   | 6,338,953 |   |
|                                                       |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                  |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxes,      other than Federal income taxes                |   |                                 | 451,264    |                               |   |   | 186,994 |   |   |   | 668,054 |   |   |   | 341,438 |   |
| General      and administrative expenses                   |   |                                 | 430,084    |                               |   |   | 580,597 |   |   |   | 1,069,861 |   |   |   | 1,173,227 |   |
|                                                       |   |                                 | 881,348    |                               |   |   | 767,591 |   |   |   | 1,737,915 |   |   |   | 1,514,665 |   |
| Operating      income                                      |   |                                 | 4,471,615  |                               |   |   | 2,716,296 |   |   |   | 8,569,986 |   |   |   | 4,824,288 |   |
| Interest      income earned from investments               |   |                                 | 82,735     |                               |   |   | 97,774 |   |   |   | 163,324 |   |   |   | 206,944 |   |
|                                                       |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before Federal income taxes                    |   |                                 | 4,554,350  |                               |   |   | 2,814,070 |   |   |   | 8,733,310 |   |   |   | 5,031,232 |   |
| Federal      income taxes                                  |   |                                 | 1,336,728  |                               |   |   | 841,119 |   |   |   | 2,584,931 |   |   |   | 1,487,668 |   |
| Net      income                                            |   | $                                    | 3,217,622  |                               |   | $ | 1,972,951 |   |   | $ | 6,148,379 |   |   | $ | 3,543,564 |   |
|                                                       |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      number of sub-share certificates              |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| and      equivalent sub-share certificates                 |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| outstanding                                                |   |                                 | 10,432,250 |                               |   |   | 10,576,042 |   |   |   | 10,447,546 |   |   |   | 10,587,113 |   |
|                                                       |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and dilutive earnings per sub-share certificate |   | $                                    | .31        |                               |   | $ | .19 |   |   | $ | .59 |   |   | $ | .33 |   |
|                                                       |   |                                 |       |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      dividends per sub-share certificate              |   | $                                    | –    |                               |   | $ | – |   |   | $ | .18 |   |   | $ | .16 |   |

|                                                       |   | Six      MonthsEnded      June 30, |       |
|------------------------------------------------------------|--------|------------------------------------|------------|
|                                                       |   |  2008                         |       |   | 2007 |   |
| Cash      flows from operating activities:                 |   |                               |       |   |   |   |
| Net income                                                 |   | $                                  | 6,148,379  |   |   | $ | 3,543,564 |   |
| Adjustments to reconcile net      income to net            |   |                               |       |   |   |   |   |   |
| cash provided by operating      activities:                |   |                               |       |   |   |   |   |   |
| Deferred taxes                                             |   |                               | (153,337   | ) |   |   | (158,656 | ) |
| Depreciation and      amortization                         |   |                               | 15,600     |   |   |   | 17,400 |   |
| Changes in operating assets      and liabilities:          |   |                               |       |   |   |   |   |   |
| Accrued receivables and other      assets                  |   |                               | (808,996   | ) |   |   | (466,689 | ) |
| Real estate    acquired                                    |   |                               | (77,952    | ) |   |   | -- |   |
| Notes receivable for land      sales                       |   |                               | 474,341    |   |   |   | 493,865 |   |
| Accounts payable, accrued      expenses                    |   |                               |       |   |   |   |   |   |
| and other    liabilities                                   |   |                               | (498,034   | ) |   |   | 433,970 |   |
| Federal income taxes      payable                          |   |                               | 176,898    |   |   |   | (119,232 | ) |
| Net cash provided by operating      activities             |   |                               | 5,276,899  |   |   |   | 3,744,222 |   |
|                                                       |   |                               |       |   |   |   |   |   |
| Cash      flows from investing activities:                 |   |                               |       |   |   |   |   |   |
| Purchase of fixed      assets                              |   |                               | (20,846    | ) |   |   | (30,035 | ) |
| Net cash used in investing      activities                 |   |                               | (20,846    | ) |   |   | (30,035 | ) |
|                                                       |   |                               |       |   |   |   |   |   |
| Cash      flows from financing activities:                 |   |                               |       |   |   |   |   |   |
| Purchase of Sub-share      Certificates in Certificates of |   |                               |       |   |   |   |   |   |
| Proprietary    Interest                                    |   |                               | (4,130,587 | ) |   |   | (2,593,831 | ) |
| Dividends paid                                             |   |                               | (1,884,668 | ) |   |   | (1,696,780 | ) |
| Net cash used in financing      activities                 |   |                               | (6,015,255 | ) |   |   | (4,290,611 | ) |
|                                                       |   |                               |       |   |   |   |   |   |
| Net decrease in cash and      cash                         |   |                               |       |   |   |   |   |   |
|     equivalents                        |   |                               | (759,202   | ) |   |   | (576,424 | ) |
|                                                       |   |                               |       |   |   |   |   |   |
| Cash      and cash equivalents at beginning of period      |   |                               | 10,153,202 |   |   |   | 8,524,177 |   |
|                                                       |   |                               |       |   |   |   |   |   |
| Cash      and cash equivalents at end of period            |   | $                                  | 9,394,000  |   |   | $ | 7,947,753 |   |

| (1) | In      the opinion of management, the accompanying unaudited financial statements      contain all adjustments (consisting of only normal recurring accruals)      necessary to present fairly the financial position of Texas Pacific Land      Trust (the “Trust”) as of June 30, 2008 and the results of its operations      for the three month and six month periods ended June 30, 2008 and 2007,      respectively, and its cash flows for the six month periods ended June 30,      2008 and 2007, respectively.  The financial statements and      footnotes included herein should be read in conjunction with the Trust’s      annual financial statements as of December 31, 2007 and 2006 and for each      of the years in the three year period ended December 31, 2007 included in      the Trust’s Annual Report on Form 10-K for the year ended December 31,      2007. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | No      value has been assigned to the land held by the Trust other than parcels      which have been acquired through foreclosure and a limited number of      parcels which have been acquired because they were offered for sale and      were contiguous to parcels already owned by the      Trust.  Consequently, no allowance for depletion is computed,      and no charge to income is made, with respect thereto, and no cost is      deducted from the proceeds of the land sales in computing gain or loss      thereon. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The      Sub-shares and the Certificates of Proprietary Interest are freely      interchangeable in the ratio of one Certificate of Proprietary Interest      for 3,000 Sub-shares or 3,000 Sub-shares for one Certificate of      Proprietary Interest. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The      Trust’s effective Federal income tax rate is less than the 34% statutory      rate because taxable income is reduced by statutory percentage depletion      allowed on mineral royalty income. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The      results of operations for the three month and six month periods ended June      30, 2008 are not necessarily indicative of the results to be expected for      the full year. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The      Trust invests cash in excess of daily requirements primarily in bank      deposit and savings accounts, temporary cash investments in loan      participation agreements and U. S. Treasury bills with maturities of      ninety days or less.  Such investments are deemed to be highly      liquid debt instruments and classified as cash equivalents for purposes of      the statements of cash flows. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           | 2008       |   | 2007       |
|--------------------------------|------------|--------|------------|
|                           |       |   |       |
| Federal      income taxes paid | $2,565,000 |   | $1,771,068 |

| (7) | SFAS      No. 131, “Disclosures      about Segments of an Enterprise and Related      Information”  establishes standards for the way public      business enterprises are to report information about operating      segments.  SFAS No. 131 utilizes the management approach as a      basis for identifying reportable segments.  The management      approach is based on the way that management organizes the segments within      the enterprise for making operating decisions and assessing      performance.  The Trust’s management views its operations as one      segment and believes the only significant activity is managing the land      which was conveyed to the Trust in 1888.  The Trust’s management      makes decisions about resource allocation and performance assessment based      on the same |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | On      June 20, 2007, the Trustees of the Trust authorized a five-for-one split      of its Sub-share certificates.  The additional Sub-shares      resulting from the split were distributed on July 12,      2007.  Sub-share and per Sub-share amounts reflected throughout      the unaudited financial statements and the notes thereto have been      retroactively adjusted for thesplit. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item      2. | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |
|--------------|-------------------------------------------------------------------------------------------------------|

| (c) | During      the second quarter of 2008, the Trust repurchased Sub-share certificates      as follows: |
|-----|-------------------------------------------------------------------------------------------------------|

| Period                                     |   | Total      Number of Sub-shares Purchased |                           |   | Average      PricePaid      per Sub-share |   |   | TotalNumber      of Sub-shares Purchased as Part ofPublicly      Announced Plans or Programs |   |   | MaximumNumber      (or Approximate Dollar Value) of Sub-shares that May Yet Be Purchased      Under the Plans or Programs |   |
|--------------------------------------------|--------|-------------------------------------------|--------------------------------|--------|-------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|
|  April      1, through April 30, 2008 |   |                                      | 19,100          |   |                                      |   | $45.56 |                                                                                              |   |   | –                                                                                                                   |   |   |   | – |   |
|  May      1, through May 31, 2008     |   |                                      | 18,817          |   |                                      |   | $45.97 |                                                                                              |   |   | –                                                                                                                   |   |   |   | – |   |
|  June      1, through June 30, 2008   |   |                                      |  26,748    |   |                                      |   | $48.31 |                                                                                              |   |   | –                                                                                                                   |   |   |   | – |   |
|  Total                                |   |                                      | 64,665*                        |   |                                      |   | $46.82 |                                                                                              |   |   | –                                                                                                                   |   |   |   | – |   |

|   | 31.1 | Rule      13a-14(a) Certification of Chief Executive  Officer. |
|--------|------|----------------------------------------------------------------|

|   | 31.2 | Rule      13a-14(a) Certification of Chief Financial  Officer. |
|--------|------|----------------------------------------------------------------|

|   | 32.1 | Certification      of Chief Executive Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification      of Chief Financial Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|                                            |   | TEXAS PACIFIC LAND      TRUST |
|-------------------------------------------------|--------|-------------------------------|
|                                            |   | (Registrant)                  |
|  Date:  August 8,      2008 |   | By:                      |        /s/ Roy Thomas |
|                                            |   |                          | Roy      Thomas, General Agent,Authorized      Signatory and Chief ExecutiveOfficer |

|                                            |   |      |
|-------------------------------------------------|--------|-----------|
|  Date:  August 8,      2008 |   | By:  |        /s/ David M. Peterson |
|                                            |   |      | David      M. Peterson, Assistant General Agent,and      Chief Financial Officer |

| EXHIBITNUMBER |   | DESCRIPTION                                                                                                             |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------|
|          |   |                                                                                                                    |
| 31.1          |   | Rule      13a-14(a) Certification of Chief Executive Officer.                                                           |
|          |   |                                                                                                                    |
| 31.2          |   | Rule      13a-14(a) Certification of Chief Financial Officer.                                                           |
|          |   |                                                                                                                    |
| 32.1          |   | Certification      of Chief Executive Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                                    |
| 32.2          |   | Certification      of Chief Financial Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                                    |